Manufacturer and retailer of upholstery products, accessories, and furniture La-Z-Boy has reported a rise in its Q1 fiscal 2013 net sales by 7.6% to $301.5m, compared to $280m in the same quarter of fiscal 2012.

The company’s upholstery segment sales for the first quarter of 2013 increased to $238.2m from $217.5m in the first quarter last fiscal.

For Q1 fiscal 2013, the furniture producer’s retail delivered sales of $57.1m, up 17% compared with the first quarter of fiscal 2012.

For the three-month period ended 28 July 2012, La-Z-Boy reported net income of $4.4m, compared to $45.5m for the corresponding period a year ago.

La-Z-Boy president and chief executive officer Kurt Darrow said despite the summer period is seasonally slower than the remainder of the year, the company’s upholstery segment posted a 9.5% increase in sales.

"Also, we will begin production this quarter of several new American Drew bedroom groups at our Hudson, North Carolina facility, which will provide for a higher capacity utilization rate and should increase operating efficiencies at the plant," Darrow added.

"We recently announced that we intend to acquire the southern Ohio market, consisting of nine La-Z-Boy Furniture Galleries® stores in Cincinnati, Columbus and Dayton, and a supporting distribution center.

"The nine stores and distribution center will become part of La Z Boy’s retail operation and will bring the total company-owned store count to 94."

The La-Z-Boy Furniture Galleries also planned to open, remodel or relocate 10 to 15 additional stores throughout fiscal 2013, of which two were opened in the first quarter, one was remodeled and one was relocated.

 

Sources:

http://investors.la-z-boy.com/phoenix.zhtml?c=92596&p=irol-newsArticle&ID=1727431&highlight=